Statistics Canada reported on Monday the New Housing Price Index (NHPI) rose 0.7 percent m-o-m in August, following a 0.4 percent m-o-m gain in the previous month.

According to the report, new home prices increased in 13 out of the 27 census metropolitan areas (CMAs) surveyed in August, with London (+3.9 percent m-o-m) recording the largest monthly advance in new home prices amid supply shortages in the housing market. New home prices also went up in Ottawa (+2.9 percent m-o-m) and for the aggregate of Saint John, Fredericton and Moncton (+1.7 percent m-o-m). At the same time, Edmonton (-0.5 percent m-o-m) and Saskatoon (-0.1 percent m-o-m) registered lower prices in August, while prices were flat m-o-m in the other 12 CMAs included in the survey.

In y-o-y terms, NHPI climbed 12.2 percent in August, following an 11.9 percent jump in the previous month.